Popular cryptocurrency exchange Upbit has managed to obtain a payment license from Singapore, one of the countries with the most difficult regulatory requirements.
South Korean crypto exchange Upbit’s Singapore subsidiary has been issued by the Monetary Authority of Singapore (MAS). Major Payments Institution (MPI) He announced that he received the license.
The license in question, issued by MAS, comes nearly three months after the organization received approval in principle from the regulator in October. With this latest license, the company operates through its Singapore unit. cryptocurrency trading And affiliate services will be able to offer.
Upbit CEO Alex Kim said in his statement on the subject that this license was will strengthen its Asian activities and stated that they will expand both corporate and individual customer ranges with the following statements:
Singapore has emerged as a global hub for cryptocurrency innovation and its importance to institutional businesses cannot be underestimated. Upbit Singapore is set to become the nexus of corporate activity, leveraging Singapore’s robust regulatory framework and reputation as a leading financial center in Asia. This license is an important step for us to serve institutional and retail clients with cutting-edge digital asset solutions that contribute to Singapore’s thriving digital ecosystem.